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tv   Bulls and Bears  FOX Business  February 2, 2014 1:00am-1:31am EST

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president might have said that i can dream. mae someday we will elect a president who will. that is her show until next week. good metlife stadium. great guests. a lot of fun,all of famers. glad to have you on, guys. >> stocks down, way down! amid fears of a slowdown here and abroad. the dow sliding 5% for the month suffering its largest january point loss ever. now, the minimum wage could be going up. way up. president obama pushing private companies to raise it to $10.10 an hour, but with the economy still shaky, is this any time to be shaking ings up? hi, everyone, this is "bulls and bears." gary b. smith, tracy burns, jonas maxfair, jn layfield along with david mercer.
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welcome, everybody, gary bb., wrong or right time? >> completely wrong time. here's the problem, government telling business what to do is like me telling peyton manning how to be a great quarterback on sunday. i apples to oranges. look, i don't think anyyun one in government has the foley for how businesses work, the bottom line is, how to improve this efficiency. we always raise the example of silandra as a government failure example. there is a dozen other companies if not more. aboundol ar, we last $179. range fuels, $162 million. the chevy volt, for example, has not budged an inch on year-to-year sales on 2012-2013. so for government, brenda, to tell business what to do, it's insane. >> david, does government have a role with wages? >> they certainly do and they have a history of doing so.
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the minimum wage has been cast --ages have been passed several times. the last time was not until 2009 under george bush and it's about high time those wages were increased. and if you want to do business with the government, then you need to pay a decent wage, not subsidized by the government, i might add, with food stamps as we have seen with wal-mart and other companies. to add to that, 76% of the american public wants to see an increase in the minimum wage. 19 states have a minimum wage above the federal wage now. yohave 13 others pursuing the same and it just happened in new jersey, actually putting it into just more inflation in new rsey in the constitution. so i think it's about time we raised the minimum wage. >> really, john, is there any timehe government should be telling business how to run its business? >> not with these guys, good,
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lord, they can't build a website despite spend theing billions of dollars. everybody goes after wal-mart. i don't want to go after wal-mart, but they pay a lot more than your minimum wage. david is right about this needs to be taken out of government hands, how does president obama decide it's $10? last year he said it was $9. why not make it 15? this is insane t. average minimum worker, thatousehold brings in just over $5,300, there is not a correlation for minimum wage than any part of the economic sprek e spectrum as far as poverty is concerned. take this out of government's hands, link it to something like inflation and a basket of wages, then you don't have a political tool like president obama is using. >> okay. jonas, i know you think that government has a role in regulating business, but are wages, should they be a part of that? >> that's a tough call.
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at least i would say you are not in a recession, you feed low wages to suck up the labor force. we already know the government regulates safety and environmental roles because a company might still garbage if a river if there wasn't a rule against it the government taught them how to run the business, that would be a mistake t. question is, do wages fall into this area? is there elements of greater good? does it cost the society when target or somebod pays a lower wage? education costs go for taxpayers. prison costs go up for taxpayers. is it cheaper to actually make the company pay? meantime, consumer -- it's an experint. i'd like for the see what would happen to other costs of government. maybe there is a balance. i'm not sure it's there. i know it's there for the environmental roles. >> it's not there. it's not there, joe. you know what, you raise minimum wage, you lose jobs at the end of the day. that means people are not bringing any money home or
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adding anything to society. therefore, we got welfare and food stamps, it's going higher and higher by the second. more and more people on i, why? because they have minimum wage. you can't have a mom and pop pia place in need of a dishwasher when you keep raising minimum wage, they will say, heck, we will watch them ourselves, that does not help the economy. >> they raise the pizza price. >> you have a fancy piece of wage, not me. the mom and pops i go to, it's still a buck 50 t. problem is, we are not seeing that other people are getting jobs off of this. i think that's the problem and i guess when you sit in your oval office, you don't get to the local mom and pop pizza place all too often. you don't realize what the trickle down effect is and how it keeps people out of work instead. >> what do you think about that, davi this is pretty much the supply and demand? >> it is. but there was a study in 2006 for the center of american progress that showed in a comparison of states that did have a higher minimum wage did
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much better on the employment front than those states that didn't have as high a minimum wage. so it's been documented and it's empirical that in raising the minimum wage, you also increase wages or the wage scale for others to have an increase as well. >> there are lots of studies and there with is lots that go into the unemployment rate. gary, what do you say about that? >> look. i'll see your study, i'll raise you two studies. you know, this isn't the problem of how the left thinks. they think t image ec panacea is give them more money. unlike businesses, they never think about the next step. say i have a pizza shop and i now pay my employees, the minimum rate goes up and i pass, where does the government think that money comes from? it comes from the pizza shop owner. from the end of the year, he has less money. he doesn't open another pizza shop employing more people. the government says, ah, pay
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them more money, problem solved. it's easy. they never think like a business sense, that's the problem. that's why i can go on and on with the business failures. they don't get it. >> i think you and tracy and jonas should start a pizza. jonas. weigh in. >> i will do one as well and also pay fair wages and we'll compete. >> you will be out of business in a 84, don't worry. >> jonas what do you think? >> the price of cheese goes up every 84. it doesn't put everybody out of pidz za business. >> the price of cheese goes up for everyone, jonas. >> that's what would happen with the minimum wage. >> i'm not denying the prices would go up with a higher minimum wage for consumers. that's what's going to get hit. doesn't itreate maximum employment like in france? maybe gng to a $20 minimum wage. i think somewhere 10-12 index. we will raise prices for
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consumers. it may lower their taxes. >> consumers will have more to spend. >> the difference is, i need to buy the keyes, so i'm going to buy the cheese. i don't need to employ the people. can i do it, myself. so i can be an disastrous pizza owner. it will get me really tired at the end of the day, because i have to put that extra money into the rising cost of seeds. >> john, last word here. >> understand, this is a political distraction, though, prident obama has 50 million people almost in america in poverty. they need jobs right now and raising the minimum wage on 200,000 people, this does nothing? what happened to the president who wanted to cure cancer? this president does something for 200,000 people out of 140 million people working. he could have done something to fix the minimum wage, where you have bipartisan support. instead, he doesn't do that, this was political grandstanding that does absolutely nothing.
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>> okay. >> it's created 8 million jobs. >> 1 million less job now than we started, david. >> that is a fact. 1 million less jobs by the bureau of labor consistency is there that will be the last four guys. coming up. >> i feel on fire. >> that costs $1.3 million bucks for richard simmons. he is working it. he is strutting his stuff to omote get covered with obamacare t. same get covered that could have some americans handing over their personal
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announcer: get caught buzzed driving, and you could do some hard time. woman: craig. knock it off! sorry, mom. announcer: it could cost you around $10,000 in fines, legal fees, and increased insurance rates, and that could set you back a few years. buzzed, busted, and broke because buzzed driving is drunk driving.
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more headlines 30 minutes away. back to bulls and bears. >> okay. so that's part of catch's obamacare promotion. the cost for taxpayers. more than aple bucks. now we're gettingord dozens of convicted criminals are working as obamacare first half gators in the golden ste. john, does that scare you? >> of course, it does, these guys being in charge of anything scares me. look, there is no business experience at all. they couldn't run tracy's pizza parlor. no, they're trying to set up this massive health care system.
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they outsource the website to a montreal company and i guess there are no engineers in america. now they have criminals allegedly working for them. there is no quality controls, there is nothing put in place. they rushed this thing through and we are seeing what happens when the ideologues don't know anything about business do something. >> these criminals paid their debt to society. what is wrong with hiring them? >> that's right this country incarcerates a lot of people. who else is going to hire these excons, they can look at their background recds, your bankruptcy timeing is off your record after a certain amount of years. these people never get jobs? isn't the prison supposed to be the punishment, not you can't get a job the rest of your life because you were in prison? who else is going to hire them? i say it's better than putting them in prison. also, is this the best way to get our data, if you were an
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excon, wouldn't you buy it from target hackers? why would you get a low paying job in wal-mart? >> is our insurance rate concerning excons, aren't they getting candy, they're getting social security numbers, so much financial information? >> exactly, you might as well run a list on craigs list saying free gornment money. i'll give you an anecdote. in 2007, aedicare task force investigated 1,500 random businesses associated with medicare in florida. they found nearly 45u6789 didn't exist. yet those same 500 companies billed the government almost $250 million. if you have nigerian and russian mobs involved, a new york crime family that moved to florida because of medicare. any time the government runs something this massive, whether
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medicate, medicare, it's like i said, it's free money. it attracts the criminal element the government is like a siv with our money. >> convicted criminal, what do you think of all this? >> i think, look, we are all concerned about our private data compromised. as we saw recently with target. it can happen in the private sector as well as the public sector. i think they do have measures, whether it's background checks orhe exclusive party lists, which is government maintains anybody not in business with the government to do business with the government. we hope with this information that we are now talking about as well as the further monitoring that we won't have the excised data. we can go on to doing more than 3 hill enrolled in the affordable care act. >> this is so much bigger, brenda, first of all, who made the decision to put richard simmons in tights?
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second of all, kathleen sebelius said we should have done more background checks on these people. third, i get the notion we should give convicted felons a second shot in life. promote it. say, hey, this is what we are doing. that's not what happens. all it does is lead to more skepticism about obamacare and other spoofs that will show up down the lie. >> you mentioned kathleen sebelius. she is the head of obamacare. john, what do you think? >> look i have no problem with people who have committed a crime getting a job. why should you put them in charge of da that they can breach an use? it's the reason you do background checks on people. if a person has a problem he did in the past with money, you don't put him in charge of your company's cash register. there is no quality control. >> okay. thanks, guys. are the very people the health
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care law were meant for rejecting it? new numbers on the uninsured are out. the ka have you that gang warning, taxpayers may be out of luck because of it. that's at the bottom of the hour. first, forget a beer run, how about a beer drone deliveries? the brewer rying to do it. why the government just grounded it.
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. >> okay.
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all you super bowl beer drinkers listen up. don't plan on getting your brew delivered by a drone because the faa just banned the maker of lake made beer from doing it. they say it's for safety reasons. gary b. >> we talked about this a few weeks ago with the amazon thing. they were going to go to urban areas and there was all social security issues, but some companies have beer frozenly, if anyone deserves bore like that, frozen fishermen. i feel badly for those guys, get the government out of the frozen beer industry and let the market roll. >> you think there is a much larger humanitarian issue here? >> yes, you are apply supplying beer to fishermen. do you want drunk fishermen to drive acrossthe lake? what are the drones going to crash into? a northern pike? this is ridiculous.
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slap in the nachos, the beer, everything. >> david, what do you think? >> i love the idea. i can't see from a practical standpoint the cost benefit analysis of a six pack of beer paying $300 delivered by drone. >> do you want beer real bad, david? >> i mean, fget the ice. you put a bottle of pinotnoir to come to my front door. >> okay. jonas, i know you want your beer. you want it bad. what about this drone idea? >> it's technology, it's going to get cheaper. if the government doesn't crack down, it won't cost a lot of mone they will be doing all kind of junk. i said it before, the claws will be black. >> oh my god ins. >> these sportsmen go out drunk fishing don't feed liquor delivered on noisy helicopters
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making a nice, peaceful tranquil place. >> you don't understand this ice fishing thing. >> that's what happens, they will fly over the beaches. they have those stupid things the clubs going by. >> if your horse and buckgy is waiting for you outside the studio when you are done. >> don't let the drone lobby get bigger than the politicians. >> i don't know, gary b., tracy, i think you can leave them out of your piece of business now. >> they're delivering wine to my pizza place. >> okay. i have to give the last word to who else, but john? >> i want to order a drone by drone is what i want to do. >> if you ever been stuck on a lake, david, you will pay whatever it takes for a six pack of beer, i promise you. >> thank you, guys for joining us. >> are you ready for football? coming up with a special cast, hey, eric. >> reporter: hey, brenda, we are here at the heartbeat of
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capitalism, american capitalism. time's square, super bowl boulevard. we will talk about the white house attacking the oil industry. with understand the research happens, that's capitalism 101. we will also talk to rand paul about the gender pay gap. we will have all that to you cashing in. . >> all right, eric, we will be watching for sure. but first, get your game day bear on right now. fox super bowl. the guys name the winning stocks and winning team. check this out, they have never been wrong about picking the champ. not once. you got to hear this.
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>> guaranteed winners, gary b. take it away. >> i will go with the broncos, bren zsa and chipotle, cmg up 20% by the end of the year. >> they're eating brownies. >> tracy, you read my smart brain, peyton manning all the way. >> jonas. >> seattle and exactly what's going on the red box in the corn star, a lot of shorkt going on, 20% off in six months if they have good earnings next week. >> gary b. >> the betting is right on that stock. >> john.
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your prediction. >> bell and consumer up 20% in the year. >> john you used to play in the nfl. jonas bull or bear? >> on your portfolio. >> go 49ers. some day, please. [ music playing [ music playing ] >> is obamacare on life support? it appears even the people supposed to help don't like it. hello, i'm in for neil cavuto. the former presidential candidate mitt romney sitting down with feel before the president's state of the union speech. >> the real parliament, if president promised the american people time and again they can keep their insurance if they want it. they can keep their doctors, that promise about keeping their insurance, he violated. he knew it at the time. he was dishonest. >> that is something which he should apologize profusely. >> guess what, no apology.
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